Re: Mining question: prospect to mine ratio

Jo Schaper wrote:

I've tried looking around and googling, and apparently I don't know how
to ask this question:

What is the ratio of failed prospects to completed producing mines?
(I would say that the mine has to turn a profit to be producing, though
I don't care how large a profit it makes.)

This can be for any mineral industry..

Britannica lists a 30% success rate for exploratory wells, and an 80%
success rate for developmental wells (wells drilled in known oil
fields). Does this sound reasonable?

Or, if someone knows a better way to phrase the question, I'll go
looking again.

TIA,
Jo

Jo,
I've been involved with O&G for the last 25 years.
Overall, in the big picture, the numbers for O&G are ok:
20% success for an explore well and 80% for a dev/prod well.
Some places more, some less. Many factors in the equation.
The O&G Journal keep those stats but I am no longer a member and don't have access
to their website.
Most people in the O&G industry do not think of their product as a mineral or
having anything to do with the mineral industry. It is THE "energy industry".
.

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